Posted on 04/22/2020 11:20:31 AM PDT by Oldeconomybuyer
WASHINGTON - The financial conditions of the government’s two biggest benefits programs remain shaky, with Medicare projected to become insolvent in six years and Social Security on track to no longer be able to pay full benefits starting in 2035.
And that’s without accounting for the impact of the coronavirus, which is sure to impose further pressure on the two programs.
For Social Security, the projected 2035 date for exhausting the trust fund reserves means that it would be able to pay only 79% of benefits at that time.
The projected timetables, which remained unchanged from last year’s estimates, were revealed Wednesday with the release of the annual trustees reports of both programs.
The expected recession, projected by economists to be the deepest since the 1930s, will mean fewer people paying into Social Security and Medicare. Compounding the problem, the pandemic will impose heavier caseloads on the health program, which provides care for those 65 and older.
“Next year’s report will be a much more important report because it will take into account what we’re experiencing now,” said William Arnone, CEO of the nonpartisan National Academy of Social Insurance, which works on education and policy.
(Excerpt) Read more at apnews.com ...
Stop giving away our Social Security to former H1B, now Green Card, foreigner parents who never worked a day in their life in the USA
Want SS to be totally broke? Pass S.386 into law. Tens of millions of Indian parents of these newly minted GC holders at the SS trough, sucking America dry.
Very good post.
We are headed to medical rationing and cuts in monthly check amounts, I’m afraid.
I’ve witnessed them jamming my local SSA office.
Disgusting that I will probably not collect after 40 years of paying in while foreigners who never paid in a dime get checks.
the projected 2035 date for exhausting the trust fund reserves
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It’s cute that people still believe there is a trust fund reserve.
People believe what they see and hear in the news as well.
If these people are so concerned about Social Security and Medicare why aren't they front and center advocating to get everyone back to work?
More FAKE news from FAKE news media.
To the contrary. Something like 75% of those who have died are above the age of 65 and were Social Security and Medicare recipients. Both Social Security and Medicare will no longer be sending monthly checks and paying medical bills to our senior citizens who were killed by China.
...as long as Medicaid and WIC aren’t harmed..
/S
“Stop giving away our Social Security to former H1B, now Green Card, foreigner parents who never worked a day in their life in the USA”
Want to see Social Security REALLY get well?
Change the disability rules back to what they were in 1990.
Problem solved.
Back when “the bent one” was infesting the White House, he promised he was going to, “end welfare as we know it.” In some ways he did. Hey, we’re not on welfare, we’re disabled - yea!
Go to your local SSA office and see who’s there. Most of them don’t speak English. They flood in and get a free ride without ever contributing.
I thought had to work 10 yrs to get SS?
So did I, the “law” says no. Must be some serious fraud going on. Don’t know why parents of foreign H1B and GC trash can get it.
And the SSA offices are chock-full of them.
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